Index Action
Nifty50
The Nifty50 remained under pressure and witnessed selling for the third consecutive day. Amid weak global cues, the market breadth was negative from the beginning. It tumbled 181 points to close at 17,757.
The Nifty50’s monthly options expiring on January 27 have sizable positions at 18,000 and 18,500 call options and 18,000 and 17,500 put options.
As per options data, the broad range for Nifty50 is between 17,200 and 18,700 levels. Its immediate support is at 17,600 and resistance is at 18,200 levels.
Bank Nifty
The Bank Nifty plunged more than 500 points from the day’s high but a late recovery helped it regain the 37,800 mark. It slipped 190 points to close at 37,850.
The Bank Nifty’s monthly options expiring on January 27 have sizable positions at 38,000 and 38,500 call options and 38,000 and 37,000 put options.
As per the options data, the broad range for the Bank Nifty, is between 36,800 and 39,600 levels. Its immediate support is at 37,500 and resistance is at 38,600 levels.
Stock Action
Today’s top gainers were Chola Investments, Power Grid, Deepak Nitrite, Hindustan Copper and Apollo Hospitals.
Today's top losers were Oracle Financial Services, Tata Communications, Bajaj Finserv, Bajaj Auto and MRF.
Sector Update
Metal and Realty emerged as the leading sectors with buying interest. Stocks like Hindustan Copper, Jindal Steel & Power, NALCO and Godrej Properties closed in the green.
The IT and Pharma sectors came under selling pressure. Stocks like Infosys, TCS, HCL Technologies, Divis and Laurus Labs closed in the red.
Major News
Gold prices are seeing an unexpected rally as investors flock towards the precious metal amidst rising inflation and increasing geopolitical tensions. The price of the yellow metal has jumped more than 2% from the lows of this month.
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